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Introduction to Entrepreneurship

Lesson Summary

A business plan for an entrepreneur, in its simplest definition, will define where the entrepreneur expects the business to be within a certain period of time and how the entrepreneur plans on getting there.

It can serve as an effective tool to manage entrepreneurial risk. It should include details about financing, target market and customers, competitors, and organizational development, including staffing. A business plan is for starting a business as blueprints are for building a home-they are essential.

Overview of Entrepreneurship

According to Drucker entrepreneurs always search for change, respond to it, and exploit it as an opportunity.

Many sustainability entrepreneurs recognize opportunities that come from increased public concern about the environment and respond to it with profit-making ventures.

The main features of entrepreneurship are:
recognizing change,
• pursuing opportunity,
• taking on risk and responsibility,
• innovating,
• making better (higher value) use of resources,
• creating new value that is meaningful to customers,
• doing it all over again and again.

Entrepreneurial Opportunities and Resources

Entrepreneurial opportunities arise as the result of forces such as:
Changes in knowledge and understanding
The development of a new technology
Shifting demographics
Political change
Changing attitudes and norms

The entrepreneur recognizes the opportunity and then proposes a business solution that provides an attractive alternative to customers.

The entrepreneur must investigate the economic value of and business proposition emerging from that opportunity.

Entrepreneurial Opportunities and Resources

It is essential to have adequate financial resources when starting any new entrepreneurial activity. Funding can come from a variety of sources.

An entrepreneur must have an ability to:

identify a market opportunity and develop a creative response to that opportunity with market potential
get a product or service out
sell to customers
organize an organizational team
garner the confidence of potential investors.

Why be an Entrepreneur?

Becoming an entrepreneur can be motivated by personal interests and values, the prospects of financial rewards, or lifestyle preferences. It’s also sometimes driven by necessity, where there are few other opportunities.

Intrapreneurship involves applying innovation to existing organizations.

Entrepreneurial risks involve a significant likelihood of failure. There is no guarantee of success.

Risks and failures in entrepreneurship can come from internal and external factors.
Internal factors: Limited access to funding, poor planning and decision making, a bad idea
External factors: Weak economic conditions, changing public policies

Why be an Entrepreneur?

Potential customers have to perceive that the product has value to them and have means and desire to purchase it.

Pricing options have to cover expenses and funds have to be available to finance the start-up of the business before revenue from sales cover expenses.

A business plan defines where the entrepreneur expects the business to be within a certain period of time and how the entrepreneur plans on getting there.

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